Bitcoin forks, such as BCH, BSC, and XEC, have experienced rallies in the last 30 days, while altcoins KAS and FLEX led the gainers in June. However, data raises questions about the sustainability of these rallies.
The cryptocurrency market initially saw negative price action in June due to lawsuits against Binance and Coinbase by the SEC. But sentiment turned bullish after BlackRock filed an ETF proposal, leading to increased institutional interest in digital assets.
The launch of EDX Markets, backed by Wall Street giants, fueled the market for Bitcoin forks like BCH and BSV, as well as other PoW cryptocurrencies like KAS.
Among the top gainers in June were three Bitcoin forks, followed by KAS and FLEX Coin. FLEX benefited from its integration with Open Exchange, backed by co-founders of Three Arrows Capital.
Bitcoin’s monthly gains stood at 11.94%, reaching above $30,000 for the first time since April 2023.
CoinFlex (FLEX) experienced a short-term boost from its link with the co-founders of 3AC. However, trading volumes remained low compared to its peak levels in 2022, raising concerns about volatility in illiquid assets.
BCH more than doubled in price in June following its listing on EDX Exchange. However, negative funding across perpetual swap markets and potential market manipulation on Upbit have also contributed to the recent uptrend.
BSV enjoyed gains in June due to its strong correlation with BCH. However, it has been in a consistent downtrend since 2022, and its poor performance has made it vulnerable to a 51% attack.
Kaspa (KAS) has benefited from improved performance and low liquidity. However, it is primarily traded on unregulated exchanges with low trading volumes, making it susceptible to volatility and manipulation.
eCash (XEC), a rebranded version of Bitcoin Cash ABC, also experienced a rally alongside BCH and BSV. However, it lacks fundamental value and faces challenges due to illiquid market conditions.
The rise of tokens with low liquidity and loosely based narratives suggests potential price manipulation. The long-term value proposition of Bitcoin forks remains questionable.
The SEC’s lawsuits have had adverse impacts on the cryptocurrency market, with tokens regarded as securities experiencing losses. The direction of altcoins will depend on Bitcoin’s price action.
Summary:
– Bitcoin forks BCH, BSC, and XEC rallied in the last 30 days, while KAS and FLEX led altcoin gainers in June.
– The sustainability of these rallies is questioned due to data suggesting volatility and manipulation.
– The market initially saw negative price action in June due to SEC lawsuits against Binance and Coinbase.
– Sentiment turned bullish after BlackRock filed an ETF proposal, leading to increased institutional interest in digital assets.
– The launch of EDX Markets fueled the market for Bitcoin forks and other PoW cryptocurrencies.
– Bitcoin’s monthly gains stood at 11.94%.
– CoinFlex (FLEX) experienced a short-term boost but had low trading volumes compared to peak levels in 2022.
– BCH more than doubled in price in June but faced negative funding and potential market manipulation.
– BSV enjoyed gains due to its correlation with BCH but has been in a downtrend since 2022.
– KAS benefited from improved performance but faces challenges due to low liquidity and trading volumes.
– eCash (XEC) experienced a rally but lacks fundamental value and faces challenges due to illiquid market conditions.
– The rise of tokens with low liquidity suggests potential price manipulation.
– The long-term value proposition of Bitcoin forks remains questionable.
– SEC lawsuits have had adverse impacts on the cryptocurrency market, with securities tokens experiencing losses.
– Altcoin direction depends on Bitcoin’s price action.